Macy’s, Inc. Reports First Quarter 2024 Results

“We are encouraged by our customers’ response to our Bold New Chapter strategy resulting in sales near the high end of our outlook. Our teams executed with discipline and efficiency, which contributed to first quarter earnings that exceeded our expectations,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “At the Macy’s nameplate, go-forward business performance was led by our First 50 locations, which achieved comparable sales growth year over year and are a leading indicator for our go-forward fleet. Although early days, our investments in product, presentation and experience are gaining traction and reinforce our belief that longer-term, Macy’s, Inc. can return to sustainable, profitable growth.”

First Quarter Highlights
*Diluted earnings per share of $0.22 and Adjusted diluted earnings per share of $0.27.
*Net sales of $4.8 billion, down 2.7% versus the first quarter of 2023.
*Comparable sales down 1.2% on an owned basis and down 0.3% on an owned-plus-licensed-plus-marketplace basis.
*Gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023
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